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Powerful Books

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19.01.2022 PAPERLESS NO MORE PAPER for PAYG and GST quarterly instalment notices The ATO no longer will issue paper instalment notices for PAYG and GST quarterly instalments once an activity statement or instalment notice is lodged, revised or varied electronically through: - Online services for agents (OSfA)... - Practitioner lodgement service (PLS) - Standard Business Reporting enabled software - Business Portal; or - When a client links their myGov account to the ATO. Contact Powerful Books if you need any assistance. #powerfulbooks #tax #accounting #bookeeping #payroll #BAS #gst

15.01.2022 We are ready to work with you and give our best

15.01.2022 In Powerful Books, we are committed to the success of our clients We thank TechIN for the trust they have given to Powerful Books. For us it has been a gratifying experience working together and growing as a team. ---------- ... TechIN started in 2016 in Melbourne - Australia with an entrepreneur engineer’s initiative, looking to deliver to the market engineering solutions as per customer needs, through the integration of technology and innovation. https://www.techin.com.au/ Techin

14.01.2022 NEW SCAM EMAIL Beware of a new email scam asking you to update your myGov or myGovID details. These emails ask you to click on a link to 'verify your identity', taking you to a fake myGov logon page that's designated to steal your personal information. Do not click any links or give away your information.... Remember, a genuine ATO, myGovID, or myGov message will never ask you to access online services via a hyperlink. See this link if you don’t know what to do: https://www.ato.gov.au//identity-/verify-or-report-a-scam/ https://powerfulbooks.com.au #powerfulbooks #cashflow #tax #accounting #bookeeping #payroll

14.01.2022 Thank you to Scientifix for the trust they have given to Powerful Books. For us it has been a gratifying experience being able to support them and to guarantee the most transparency and efficiency in the day to day bookkeeping process, on keeping the books always up to date. Scientifix is an Australian-owned solutions provider to the life science research community since 1998. They specialise in molecular biology, protein biochemistry, cell biology and stem cell research, gen...eral laboratory equipment and analytical instrumentation. https://scientifix.com.au/ #powerfulbooks #tax #accounting #bookeeping #payroll https://powerfulbooks.com.au

12.01.2022 INSTANT ASSET WRITE-OFF Any depreciable asset purchased for business purposes prior to 30 June 2022 can be 100% tax deductible in that financial year. The previous $150K ceiling is gone and it now applies to all businesses with turnover of less than $5B pa. The threshold amount for each asset is $150,000 (up from $30,000)

10.01.2022 2021 FBT returns now due 25th of June The payment due date for fringe benefits tax (FBT) returns lodged via the practitioner lodgement service (PLS) has permanently changed as a result of feedback from tax professionals about aligning the lodgement and payment due dates. The lodgement and payment due date for FBT returns lodged via the ATO portal is now 25 June. This change applies from 2021. If you are lodging by paper the lodgement and payment remain due by 21 May 2021.... If you do not need to lodge an FBT return for 2021, you must let the ATO know as early as possible to avoid processing delays. https://powerfulbooks.com.au #powerfulbooks #cashflow #tax #accounting #bookeeping #payroll

08.01.2022 WHY CHOOSE POWERFUL BOOKS? Because: We offer small businesses personalised Onsite or Offsite services at affordable rates, and fixed-fee services, with no hidden extras.... We are licenced by the Tax Practitioners Board. We are specialists in Xero, MYOB, Quickbooks and Dear. Our staff are professional trained. Your books will be always up to date with the ATO requirements. If you are looking for a Bookkeeper, we invite you to contact us https://powerfulbooks.com.au #powerfulbooks #cashflow #tax #accounting #bookeeping #payroll

03.01.2022 POWERFUL THINKING FOR BUSINESS ATO TAX CLINICS Do you know the Australian Taxation Office offers clinics to help you to do your individual and business tax return?... If you can’t afford professional advice for your tax affair you can contact the ATO. They run a government funded program to help you to correctly complete and lodge your forms and returns. Check this link: https://www.ato.gov.au/Gener//National-Tax-Clinic-program/ Through their free Tax Help program, the will help eligible individuals to lodge their tax returns https://powerfulbooks.com.au #powerfulthinking #powerfulbooks #cashflow #tax #accounting #bookeeping #payroll

03.01.2022 POWERFUL THINKING FOR BUSINESS When completing your next business activity statement (BAS), remember: Keep accurate and complete records of all sales, fees, expenses, wages and other business costs. You can use the ATO Record keeping evaluation tool to help you assess how well you're keeping your business records. (https://www.ato.gov.au/calculato/record-keeping-evaluation/)... Only lodge one BAS for each period. If your form has been replaced, you should use the replacement form and not the original. If you lodge electronically, there's no need to send to the ATO the paper form. Only complete fields that apply to you. If you have nothing to report, enter zero. Make sure that you have entered the figures for your obligations at the correct label. Enter whole dollar amounts - leave cents out and don't round up to the next dollar. Lodge online and you may get an extra two weeks to lodge and pay your BAS. Registered tax agents and BAS agents can help you. Remember, if you've made a mistake you can revise or fix the mistake on your next BAS. In Powerful Books we have registered BAS Agents who can guide you on this process and lodge your BAS. Contact us if you need any assistance with your books. https://powerfulbooks.com.au #powerfulthinking #powerfulbooks #cashflow #tax #accounting #bookeeping #payroll

02.01.2022 ELIGIBILITY FOR JOBKEEPER AND CASH FLOW BOOST A recent Full Federal Court decision Commissioner of Taxation v Apted may mean that some eligible business participants could now be able to claim JobKeeper payments. The decision does not apply to employers who sought to apply for JobKeeper.... If your business have previously not been granted further time to demonstrate eligibility under the Commissioner's discretion to have an ABN or to provide notice of assessable income or taxable supplies, you may now be able to make claims for JobKeeper or become eligible for cash flow boost credits. All other eligibility conditions for JobKeeper and Cash Flow Boost must still have been met. You do not need to contact the ATO about this decision. They will automatically review all decisions where the Commissioner's discretion was not granted, and where the outcome may have been different if the court’s reasoning was applied. They will make contact you by June 2021. For more information about it check this link: https://www.ato.gov.au//JobKeeper-Payment-and-the--later-/ https://powerfulbooks.com.au #powerfulbooks #cashflow #tax #accounting #bookeeping #payroll